Which has more room to gain, DAPR or XAPR?

From their prices on Nov 4, 2026, DAPR can gain about 5.9% before its cap and XAPR about 4.1%, so DAPR has more room left this period.

Which resets first, DAPR or XAPR?

DAPR ends its outcome period on Apr 16, 2027 and XAPR on Apr 16, 2027. A new cap is set the day after each.

Which is cheaper, DAPR or XAPR?

DAPR and XAPR both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

DAPR vs XAPR: Cap, Buffer & Days Left

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As of Nov 4, 2026 DAPR can fall 10.4% before its buffer engages and XAPR 5.7%.

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Net assets on Nov 3, 2026: $334m for FT Vest U.S. Equity Deep Buffer ETF - April and $52m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - April.

DAPR on its own →XAPR on its own →

At a glance

10.4%

DAPR can fall this far before its buffer

5.7%

XAPR can fall this far before its buffer

5.9%

DAPR can still gain

4.1%

XAPR can still gain

DAPR Between buffer and cap

DAPR: reference +8.0% since period start, fund +5.0%; buffer −5 to −30; cap +12.0%; Between buffer and cap. Data to Nov 4, 2026.

XAPR Between buffer and cap

XAPR: reference +8.0% since period start, fund +5.2%; buffer 0 to −15; cap +10.4%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.85% a year; their one-year returns differ by 0.3 points; DAPR is 6.4 times larger.

Points (pts) are percentage points.

DAPR vs XAPR: Cap, Buffer & Days Left
Measure	DAPR	XAPR
Return
Measure	DAPR	XAPR
Total return, 1 year	+8.4%	+8.1%
Drawdown
Measure	DAPR	XAPR
Index fall to the buffer	12.0%	7.4%
Benchmark
Measure	DAPR	XAPR
What it tracks	SPY	SPY
Cost and size
Measure	DAPR	XAPR
Expense ratio	0.85%	0.85%
Net assets, as of Nov 3, 2026	$334m	$52m
Holdings
Measure	DAPR	XAPR
Holdings in common	not published

Method

Window by window

Window by window: DAPR vs XAPR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	DAPR	XAPR	DAPR	XAPR
3 months	+1.1%	+1.5%	+1.5 pts	+1.9 pts
6 months	+3.7%	+4.1%	−0.8 pts	−0.4 pts
1 year	+8.4%	+8.1%	−5.2 pts	−5.5 pts
3 years	+36.5%	–	−39.9 pts	–
Since launchNot the same days: DAPR Apr 2021 · XAPR Apr 2024	+39.9%	+29.9%	−44.8 pts	−23.5 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

DAPR FT Vest U.S. Equity Deep Buffer ETF - April · Absorbs losses from 5.0% to 30.0% on SPY and caps the gain at 12.0%, over a period ending Apr 16, 2027 XAPR FT Vest U.S. Equity Enhance & Moderate Buffer ETF - April · Absorbs the first 15% of loss on SPY and caps the gain at 10.4%, over a period ending Apr 16, 2027

Issuer First Trust First Trust

Reference index SPY SPY

Buffer 5% to 30% 15%

Outcome period Apr 20, 2026 to Apr 16, 2027 Apr 20, 2026 to Apr 16, 2027

Days left 163 163

Starting cap +12.0% +10.4%

Can still gain 5.9% 4.1%

Fall before buffer 10.4% 5.7%

Protection left, index points 25.0% of 25.0% 15.0% of 15.0%

Index return this period +8.0% +8.0%

Fund return this period +5.0% +5.2%

State today Open Open

Expense ratio 0.85% 0.85%

Net assets, as of Nov 3, 2026 $334m $52m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. XAPR is a floor fund, which caps how far a holder can fall. DAPR is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

Both are First Trust funds, so the difference between them is the terms rather than the house.

Where each one stands today

DAPR resets first, on Apr 16, 2027, 163 days from now; XAPR runs to Apr 16, 2027, 163 days. DAPR can still gain 5.9% before its cap, XAPR 4.1%. A fall from here reaches DAPR’s buffer after 10.4% and XAPR’s after 5.7%. Both track SPY, so what separates them is where each is in its own period.

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About each fund

DAPR

From its price on Nov 4, 2026, the fund can gain about 5.9% more before it reaches its cap. The fund's price can fall 10.4% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 12.0% from today's level to the point where the buffer begins. Protection left, in index points: 25.0% of the 25.0% buffer still sits below today's SPY level. 163 days remained on Nov 4, 2026. On Apr 16, 2027 the period ends and a new cap is set.

XAPR

From its price on Nov 4, 2026, the fund can gain about 4.1% more before it reaches its cap. The fund's price can fall 5.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 7.4% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, DAPR or XAPR?: From their prices on Nov 4, 2026, DAPR can gain about 5.9% before its cap and XAPR about 4.1%, so DAPR has more room left this period.
Which resets first, DAPR or XAPR?: DAPR ends its outcome period on Apr 16, 2027 and XAPR on Apr 16, 2027. A new cap is set the day after each.
Which is cheaper, DAPR or XAPR?: DAPR and XAPR both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

DAPR vs PBMY DAPR vs MAYP DAPR vs UMAY DAPR vs DDTY XAPR vs GAPR XAPR vs MAYT XAPR vs PMAY XAPR vs FAPR

Where to next

State Street® SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →DAPR on its own →XAPR on its own →Method →Standards and sources →

Sources and dates

DAPR and XAPR filings on SEC EDGAR ↗

First Trust page for DAPR ↗

First Trust page for XAPR ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, DAPR against XAPR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/dapr-vs-xapr

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